Report: Foreclosures are top sellers - Memphis Business Journal:

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said banks that are willintg to deal on foreclosed units are drivinv the firstquarter activity. For example, Shom a at Keys Cove in south Miami-Dade County sold the with 50 units closing in thefirst quarter. The Vue at Brickellk sold 25 condos, ranking it seventbh on CondoReports.com’ top-10 list. “Many banke have taken ownership of units in thes buildings and are looking toget out,” said Adam Cappel, presidenr of CondoReports.com. “Banks, either through short sales or units they own as a result of are the most activs sellersin today’s market as they are willingf to accept market prices.
” The 10 most active buildingas produced an average of 29 or one sale every three The buildings accounted for more than 11 percentt of all condo sales in Miami-Dade, according to a CondoReports.coj news release. Most of the activityg is tied to individuaklunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculativ e investors and thinly capitalizedc owners are being replaced with either owner-occupant or well-capitalized, patieng investors buying in at a much lowetr cost,” Cappel said in the statement. “Most are individual unit sales.
The study looked at closexd salesin 2,000 condo projectsz with at least 50 units throughout The study excluded unitsd delivered in 2008 and 2009 because those sales were likely drivenm by preconstruction contracts, Cappel said.